This article takes a look at the best place to retire in Romania. Check out our complete list of Best Places to Retire in Romania.
Americans Increasingly Seek Retirement Abroad: Trends and Insights
According to a 2024 Monmouth University Poll, 34% of Americans would prefer to go and settle in another country if they were free to do so. Fifty years ago, this percentage stood at a low 10%. So, who’s looking to travel? Apparently, one age group keen on moving is the early retirement crowd. Between 2008 and 2022, the number of Social Security recipients living outside the US has risen at a staggering rate. Back in 2008, the number of recipients was only 307,000. This number shot up to 450,000 in 2022. Rising costs of living, healthcare accessibility, and better quality of life have been provoking many Americans to seek retirement havens beyond the US borders.
While the median retirement savings across households has been steadily growing, it is yet to achieve the ideal number that Americans think they need to live a comfortable lifestyle here in the US. According to the Motley Fool, the median retirement savings for American households is $87,000 only. On the contrary, a survey by The Charles Schwab Corporation (NYSE: SCHW) reveals that Americans think they need at least $1.8 million to live a comfortable retirement. Even though survey participants may be overestimating how much they will actually need once they get there, the reality is that they aren’t aptly prepared. To make things worse, Social Security funds are now predicted to be depleted by 2035, although one year later than the predicted date made a year ago by the Trustees report from the Social Security Administration.
On Retiring to Romania
For those contemplating retirement outside of the US, Romania can be a beautiful place to be for your golden years. Not only is it affordable, but also offers modern conveniences and easy access to rest of Europe. Unfortunately, Romania doesn’t offer a retirement visa. Individuals from EU countries do not need a visa or a permit to retire here. For non-EU residents, a residence permit is required in order for them to stay in the country. Long-term stay in Romania for such residents requires them to find a legal purpose to retire here. Anything from family reunification (in case of family ties), to business, or some other special conditions of establishment for people over 65 can help seniors move to the country. According to RR Partners Bucharest, American, Canadian, and Japanese citizens can also obtain a visa for economic purposes quite easily. For those concerned about health, public medical care is overlooked by the National Health Insurance House (NHIH), providing free or subsidized health care to residents and expats. However, the standard of healthcare may not be up to standard for expats, which is why it’s advisable to buy private healthcare. Private medical facilities are usually available in the larger cities in Romania, such as Bucharest.
Methodology
To compile the list of best places to retire in Romania, we employed a consensus-based methodology. Each recommendation from credible sources such as expat forums, Romania travel guides, and credible websites, was assigned a point. Scores were summed and places were ranked in ascending order from the lowest to the highest scores. It’s important to note that the cost of living figures provided are average estimates and may vary based on individual lifestyle choices.
Here is the best place to retire in Romania:
1. București (Bucharest)
Insider Monkey Score: 18
Cost of Living: $1,250
Average Rent (1-bedroom): $500
Based on our methodology, the best place to retire in Romania is Bucuresti (Bucharest). This up-and-coming European city is a beautiful place to call home in one’s golden years. Adorned with French-style Art Nouveau and Art Deco architecture, this once-known Little Paris of Eastern Europe still enchants anyone who visits it. As of today, it is a vibrant mix of culture, unique artistic expression, and rich historical charm. There are many things to do around here, from visiting the many museums and theaters to festivals and historical landmarks. The city is very dog-friendly too, and they are allowed in parks, public transport, and rented apartments. The transportation system is well-developed, and there are abundant amenities to enjoy a good quality of life here. The city’s extensive green spaces, such as Herăstrău Park and the Botanical Garden, further add to the appeal of retiring here. All in all, this beautiful city offers the best blend of urban living and Eastern European culture, making it one of the best places to retire in Romania.
Check out our complete list of Best Places to Retire in Romania.
READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.
Disclosure: None. This article is originally published on Insider Monkey.
Hedge Fund Resource Center